WAPA Board Approves 'Minor' Changes In Financing Of $85 Million Bond For Acquisition Of New Generating Units
- Staff
- August 08, 2017
In an emergency meeting Monday afternoon, the governing board of the Virgin Islands Water & Power Authority approved what it described as "minor" changes to a financial arrangement that will fund three new generating units at the St. Thomas Randolph Harley power plant, seen above. WAPA said in a release issued late Monday that board members voted unanimously to approve changes to the financial structure ahead of an anticipated closing early this month of what was revealed to be an $85 million bond sale. According to the Wall Street Journal, the sale will be managed by Atlanta-based broker-dealer IFS Securities Inc. WAPA said a firm, which it did not disclose, will provide up to $15 million for the first set of new generators. The addition of the new units will result in energy efficiency and improved operational reliability, according to the semiautonomous entity. WAPA Executive Director Julio A. Rhymer, Sr. explained that the financing for the acquisition of the new units will facili...
